January 16, 2018 / 7:22 AM / 8 months ago

Greggs to meet profit expectations after sales rise in Christmas quarter​

LONDON (Reuters) - British baker Greggs (GRG.L) said on Tuesday it would meet its expectations for profit in 2017 as it reported a solid rise in sales over the Christmas quarter.

FILE PHOTO: A sausage roll is seen on top of a bag at a Greggs bakery in Manchester, Britain March 1, 2016. REUTERS/Phil Noble

Greggs, which has transformed itself from a traditional bakery business into a food-on-the-go retailer, said company-managed shop like-for-like sales rose 3 percent in its fourth quarter to Dec. 30.

They had increased 5 percent in the third quarter but comparative numbers were tougher in the fourth.

The firm said its classic favourites, such as sausage rolls, remained popular, while there was also strong demand for seasonal products such as festive bakes and mince pies.

Greggs said it expected industry-wide cost pressures to continue in 2018, albeit at a lower level than that experienced in 2017. 

Reporting by James Davey; editing by Kate Holton

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